InterBay Commercial has joined the holiday let market with a range of new products.

The lender, which is part of the OSB Group, says the products are available to landlords who are buying properties in their personal name as well as those purchasing through a limited company.

They are also available for remortgages.

Applicants must already be a landlord.

Borrowers can choose between a two-year fixed at 3.84 per cent or a five-year fixed rate at 4.29 per cent, which are both available up to 70 per cent LTV and with a product fee of 1.50 per cent.

Loans are available from £50,000 up to £1m, with no maximum property value.

Interest-only is also an option.

The minimum income cover ratio is 140 per cent of gross rent calculated on the basis of a 30-week letting period and using an average of the low, mid and high season rent.

OSB group sales director Adrian Moloney says: “Here at InterBay Commercial, we’ve got a vast amount of experience in providing bespoke solutions for your clients, however complex or challenging their cases.”

He says that demand for short-term lets has increased as more people look to holiday in the UK as a result of the pandemic.

Moloney adds: “To help experienced landlords meet this demand, our new proposition could be ideal for those who are operating through a limited company structure, have complex set-ups or are thinking of purchasing a property that doesn’t fit the sometimes narrow criteria found on the high street.”